The construction of Royal One, a 68-storey building owned by the Royal Group, will resume later this year after a new developer is found, according to a company representative.
Progress on the $230-million project halted soon after its ground breaking.
Royal Group has opened the bidding process to find a new developer aiming to resume work in December, Taing Socheat, the group’s sale and marketing executive, told Khmer Times on Monday.
The project is located in prime real estate, in the corner of Russian Boulevard and Monivong Boulevard.
OTK Royal One, a subsidiary of the Royal Group, broke ground for the project in February.
However, construction work is believed to have stalled and the area is now enclosed by fencing.
Ms Socheat said that high-rise building projects like Royal One were complex and must be undertaken by developers that meet international standards.
“I cannot say anything else as this is an internal affair,” she said, adding that “sales for the project are going well.”
The mix-used development will comprise condominium units, shopping malls, fitness centres, restaurants and office space. Ms Socheat said that about 15 percent has been sold so far.
During February’s groundbreaking ceremony, China-based Huashi Group was presented as a collaborating developer and the project was hailed as the “next landmark in the Cambodian capital and a source of pride for locals”.
“This new commercial building will be the tallest in Cambodia and will promote the local real estate sector,” Mr Thieng said at the ceremony, noting that construction will take three years.
According to the latest report from Ministry of Land Management, investment in the construction sector grew significantly during the first half of the year, expanding by about 57 percent compared to the same period last year.
From January to June, the ministry approved 2,047 construction projects, a 24.5 percent increase, worth a combined $3.3 billion.